The Republican-controlled state Senate this unveiled its proposals that lawmakers say will make New York friendlier to business.
Among the goals are to cut taxes by $1.1 billion, cut red tape, reduce regulations, invest in workforce development and strengthen economic development programs.
This plan includes cutting business taxes by a half-billion dollars by increasing the corporate tax threshold from $390,000 to $500000 and lowering the rate to 2.5 percent, according to the Senate website. Lawmakers also want to extend the small business exemption to all business filing personal income tax regardless of whether they have employees and increase the exemption to 15 percent – 20 percent for farmers.
It also wants to create a STAR program for small businesses and eliminating the 2 percent gross receipts tax on utility bills to reduce energy taxes by $280 million.
The Senate also wants to shut down the Start-Up NY program that gives tax breaks to businesses that locate on or near college campuses. Republican lawmakers believe the program has been ineffective at creating jobs and they want to redirect the $44.5 million in advertising money to other initiatives. Other proposals are to create a database of all state subsidy and economic development benefits to increase transparency and create an independent oversight panel for all public works projects and procurements of greater than $50 million.
The Senate plan also calls for cutting regulations and red tape including curtailing the state from overusing the process of implementing regulations through emergency actions. It wants to make the licensing and permitting process easier to understand.
Another component of the plan is improving workforce development, strengthening school training programs for technology and manufacturing jobs, allowing academic credit for internships and providing grants for community colleges to develop workforce training programs.
“Business owners throughout New York are in dire need of relief from an unsustainable tax and regulatory burden that restricts our state’s potential for continued success,” said Senate Majority Leader John Flanagan said in a news release. “Our Jobs and Opportunity Agenda will tackle these problems to create a better business climate by removing the obstacles to growth and investment, and ensuring economic development funding achieves the results New Yorkers deserve.”